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ResMed Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jan, 2026
Executive summary
Revenue for Q2 FY2026 was $1.42 billion, up 11% year-over-year (9% in constant currency), driven by strong demand for sleep and respiratory care devices, masks, and digital health solutions.
Gross margin expanded by 320 basis points to 61.8% (GAAP), with non-GAAP gross margin at 62.3%, reflecting manufacturing efficiencies and lower component costs.
Diluted EPS rose 15% to $2.68 (GAAP) and 16% to $2.81 (non-GAAP); net income increased 14% to $393 million.
Operating income increased 18% (GAAP) and 19% (non-GAAP) year-over-year.
Free cash flow for the last twelve months reached $1.8 billion, with operating cash flow for the quarter at $340 million.
Financial highlights
Group revenue for the quarter was $1.42 billion, up 11% headline and 9% in constant currency.
Device sales grew 9% globally; masks and accessories revenue up 16%.
Operating profit increased 19%; operating margin improved to 36.3% (non-GAAP) and 34% (GAAP) year-over-year.
Net income for the quarter was $393 million (GAAP), up 14% year-over-year; diluted EPS was $2.68 (GAAP), $2.81 (non-GAAP).
Cash and cash equivalents at quarter-end were $1.42 billion; net cash position was $753 million.
Outlook and guidance
Gross margin expected in the 62%-63% range for FY2026; SG&A at 19%-20% and R&D at 6%-7% of revenue.
Effective tax rate estimated at 21%-23% for FY2026.
Management expects continued growth driven by product innovation, geographic expansion, and increased awareness of respiratory conditions.
Five-year global outlook targets high single-digit percentage revenue growth, with earnings growth outpacing revenue.
Ongoing investment in R&D and digital health capabilities planned to support future growth.
Are gross margin drivers sustainable?
SG&A increase: What's the ROI on investments?
How does digital health impact revenue growth?
GLP-1 impact on CPAP start and resupply?
RCS business FY27 growth and profit targets?
Supply chain's gross margin improvement target?
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Next ResMed earnings date
Q3 202622 Apr, 2026
ResMed
Next ResMed earnings date
Q3 202622 Apr, 2026
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Frequently asked questions
ResMed Inc. develops, manufactures, and markets medical devices, including equipment for the diagnosis and treatment of obstructive sleep apnea (OSA), related breathing disorders and other medical conditions connected to respiration. ResMed Inc. was founded in 1989 and is headquartered in San Diego, California.
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